Already this month, Mordor is launching a pilot project to introduce the so-called digital ruble, a new form of national currency, which is expected to make payments more transparent and profitable for consumers.

The digital ruble is planned to be tested in two stages. At the first, emission and transfers between individuals will be tested. In particular, the creation of a digital wallet is being prepared. Users will be able to request the balance and history of transactions, as well as buy and sell digital rubles for non-cash.

The experimental group included twelve banks: Sberbank, VTB, Alfa, Gazprombank, Rosbank, Tinkoff, PSB, DOM.RF, Ak Bars, SKB Bank, Soyuz bank and TKB. The first phase of testing will last until early 2023 or longer in case of any functional or technical issues.

At the second stage, the interaction of citizens and business (C2B and B2C operations), business among themselves (B2B operations), as well as business with the state (B2G operations) will be tested. During this phase, it is planned to connect the Federal Treasury and ensure the implementation of the functionality of smart contracts. In the future, the introduction of the offline mode is expected. Plus, the exchange of the digital ruble for foreign currency and the possibility of opening wallets for non-resident clients will be provided.

It is assumed that three years after the introduction of the digital ruble, its penetration into the settlements of individuals for goods and services will be about 30%. In six years, this figure could reach 50%. The currency is expected to lead to the development of new offline cashless payment services: they will help businesses in the absence of Internet access at the point of sale.

Official introduction will be in parallel with reducing number of working ATM machines and adding special tax for any cash transaction.